Consumer Confidence Slips in October

In October, American consumers became more concerned about their prospects for employment, incomes and the economy. As a result, consumer confidence suddenly pulled back in October. The Conference Board’s index decreased to 100.9 from a downward revised 101.3 reading in September, according to a report Tuesday (10/27). The reading fell below the median estimate of 102 in Bloomberg’s survey of economists. Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement said, “There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high.” Respondents indicated they were more less likely to make big purchases, including cars and appliances, in the coming months. The share planning to buy a home, however, increased slightly to a three-month high of 6.6%.